The global Industrial Boilers market accrued earnings worth approximately 14.4(USD Billion) in 2020 and is predicted to gain revenue of about 23.5(USD Billion) by 2028, is set to record a CAGR of nearly 5.8% over the period from 2021 to 2028.
Industrial Boilers Market
The global Industrial Boilers market accrued earnings worth approximately 14.4(USD Billion) in 2020 and is predicted to gain revenue of about 23.5(USD Billion) by 2028, is set to record a CAGR of nearly 5.8% over the period from 2021 to 2028. The report offers assessment and analysis of the Industrial Boilers market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2020 along with a forecast from 2021 to 2028 based on revenue (USD Billion).
Industrial boilers are utilized by myriad industries such as petrochemical, chemical, food & beverages, and power. Furthermore, these products produce steam which is then utilized effectively for carrying out heating procedures. This steam that is produced is then transferred to site of operation via different kinds of pipes. Apart from this, for steam production, industrial boilers make utilization of various fuel types such as biomass, oil & gas, non-fossil fuels, and fossil fuels. Thriving chemical and petrochemical sectors in emerging economies will help industrial boilers industry explore new dimensions of growth in foreseeable future.
Massive allocation of funds for building giant power ventures will drive industry trends. Apparently, thriving food processing sector will culminate into humungous expansion of industrial boilers market over anticipated timeframe. In addition to this, protruding usage of natural gas & demand for effective operations will prompt business landscape. Apart from this, industrial boilers find slew of applications in textiles & fabrics owing to its operational efficacy & compact design. Swift industrialization and large-scale funding of thermal power projects in developed countries as well as emerging economies will steer expansion of industrial boilers market in upcoming years. Need for incessant power supply is one of the major factors influencing growth of industrial boilers market. Nevertheless, huge deployment costs are projected to create obstacles in path of growth of industrial boilers market.
Furthermore, expanding capacities of manufacturing units and deployment of new industrial boilers in food & beverages sector will define industrial boilers market growth over predicted timeline. Additionally, escalating necessity of energy proficient boiler tools is slated to prop up industrial boilers industry space over ensuing years. Large-scale product penetration across chemicals, pulp & paper, and metal & mining will favorably influence industrial boilers business. Massive use of industrial boilers in power generation activities will embellish use of industrial boilers in near future.
The rapid expansion of industrial boilers market in Asia Pacific during forecast period is due to large-scale industrialization along with high focus on infrastructural growth in power production & industrial sectors. Apart from this, manufacturers are trying to produce green products due to environment concerns & as a part of their corporate social responsibility. This, in turn, will prompt business growth over anticipated timeline. Introduction of stringent emissions laws in countries like China and India to reduce fuel emissions in atmosphere will prompt regional market surge in the upcoming years.
Key player profiled in study and leveraging market expansion include Alfa Laval AB, Bharat Heavy Electricals Limited, GE Power, IHI Corporation, Mitsubishi Hitachi Power Systems Ltd., Thermax Limited, Sofinter Group, Siemens AG, Robert Bosch GmbH, John Wood Group PLC, Harbin Electric Company Limited, and DEC Limited.
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